Facebook’s recently announced cryptocurrency project, Libra, continues to make headlines as high-ranked officials weigh in on the matter. The Chancellor and Under-Treasurer of Her Majesty’s Exchequer in the UK, Philip Hammond, has said that they won’t try to stop Libra but rather to regulate it as they recognize its transformative potential.
Bullish On Libra: The Head of UK’s Treasury
Back in June, social media giant Facebook revealed its much-awaited cryptocurrency project called Libra. However, the newly announced project didn’t really receive the regulatory blessing it had been hoping for.
Almost immediately after the news, the French Finance Minister, Bruno Le Maire, took fire, saying that Libra shouldn’t be seen as a replacement for regular currencies and that “it can’t and it must not happen.”
Moreover, according to a German member of the European Parliament, Markus Ferber, regulators should stay on high alert in this regard.
Multinational corporations such as Facebook must not be allowed to operate in a regulatory nirvana when introducing virtual currencies.